Even though the real estate market is still not doing very well, there is no dearth of those buyers who are buying their second property/house even in these times. More often than not, these people are buying flats in their hometowns, hill stations, NCR region, and also in places of pilgrimage.

In order to tap this section of society, many prominent builders like Ansals, Hiranandanies, Unitech, and Omaxe have already started constructing flats and villas in these places.

Places like Mussoorie, Dehradun, Mohali, Coimbatore, and all the important towns of NCR like Noida, Ghaziabad, Gurgaon, Greater Noida have scores of projects, some complete, others in the process, undertaken by these companies.

Real estate expert Surinder Gambhir says that these builders are targeting the bustling middle class and upper middle class of the country as they have a good regular flow of income. And, most of them are not satisfied with only one house.

They buy one house in a city where they work and another, either in their hometown or in some hill station. Some of them also buy houses in places like Haridwar or Rishikesh. In their second homes, they spend holidays.

And, if they get good returns for their property they dispose it off, he says. If we talk about the residential projects launched by various real estate companies in places like Kundli, Karnal and Sonepat the idea is to sell a large number of flats to those who have already purchased a house in the past.

Since the cost of properties has grown by leaps and bounds over the years, this policy of builders to hard sell houses and flats to the burgeoning market of second-home buyers is likely to pay rich dividends.

It is held that, generally, second home buyers prefer to buy houses/flats in the range of Rs 18 to Rs 40 lakhs. It goes without saying that those with monthly incomes of at or over Rs 50,000 can easily afford these rates.

It has been found that most of those who buy luxury houses are ones who already own a house. The general manager of HDFC (Home Loan), Sanjay Joshi, reveals that these people keep their both houses, ie, they dont dispose their first house after buying their second one.

The most important thing is that the fast growing class of second home-buyers is not businessmen every time. In many cases, they are doctors, engineers, financial and media professionals.

They earn well and they buy the second house after seven-eight years of their first house. A general manager in Ghaziabad-based company, Sandeep Wahal, has also recently purchased a flat in Noida. He has been living in IP Extension for the last couple of years. Says Wahal: “I got a very good flat in Noida, which was well within my reach. After somebody showed me the house, I decided to purchase it after the approval of my wife and kids. I have made a nice investment.”

According to Santosh Tripathi of BHW Home Finance, after the rise of home loan rates, some of those who were planning to buy their second home have had to postpone their plans.

Nevertheless, there are still some buyers who are buying their second home. He feels that that if the home-loan rates come down to the level of 8% and the property prices also fall, then this tribe would resurface in the market in a big way.

The great middle class uprising

Builders are targeting the middle and upper middle class of the country as they have a good regular flow of income. It has been found that most of those who buy luxury houses are ones who already own a house The most important thing is that the fast growing class of second homebuyers is not businessmen every time. In many cases, they are doctors, engineers, financial and media professionals

FOCAL POINT

Places like Mussoorie, Dehradun, Mohali, Coimbatore, and all the important towns of NCR like Noida, Ghaziabad, Gurgaon, Greater Noida have scores of projects for second homes Second home buyers prefer to buy houses/flats in the range of Rs 18 to Rs 40 lakhs. It goes without saying that those with monthly incomes of at or over Rs 50,000 can easily afford these.
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